Enterprise Software-as-a-Service startup Blackline Inc. is reported to be preparing for an initial public offering (IPO).

According to Reuters, the float, which could happen as soon as October, would value the company at over $1 billion with BlackLine hiring investment bank Goldman Sachs Group to lead the offering.

Founded in 2001, Blackline offers cloud-based software that is designed to automate and control the financial close process including complex, manual and repetitive accounting processes that it claims allows companies to move beyond traditional period-end accounting to what it calls “continuous accounting.” Continuous accounting delivers accounts as early as possible by embedding them within workflows and day-to-day activities.

The company is said to have around 1,500 customers, including Coca-Cola, Nasdaq, Western Union, eBay, Under Armour, Dow Chemical Co., and others.

IPO surge

The news that BlackLine is preparing to go public follows a surge in new public offerings over the last fourth months after what many described as a serious drought in IPOs.

Cloud information technology management software firm Apptio Inc. was the most recent company to go public, with shares debuting Friday on the Nasdaq at an almost 41 percent premium, shortly after Big Data advertising technology platform provider The Trade Desk Inc. floated Wednesday last week at a premium of 67 percent.

Joining BlackLine is the list of upcoming public offerings are enterprise virtualization and storage firm Nutanix Inc. and cloud software company Coupa Inc.

It’s still too early to say that we are seeing a boom in tech companies floating, but with the list of IPOs continuing to grow we could certainly be seeing a resurgence in the sector.

Going into the float, BlackLine had raised $220 million from Iconiq Capital, Silver Lake Partners and Silver Lake Sumeru.

Image credit: BlackLine